TTWO finds buyers around 108.65 for the third day in a row


Take-Two Interactive Software Inc. (TTWO) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team

Highlights

TTWO breaks back above 20-day moving average
TTWO finds buyers around 108.65 for the third day in a row
TTWO dominated by bulls lifting the market higher throughout the day
TTWO stuck within tight trading range
TTWO closes within previous day's range

Overview

TTWO finished Thursday at 115.25 gaining $5.53 (5.04%), underperforming the Nasdaq 100 (5.72%). The bulls were in full control today, moving the market higher throughout the whole session. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range.

Daily Candlestick Chart (TTWO as at Mar 26, 2020):

Daily technical analysis candlestick chart for Take-Two Interactive Software Inc. (TTWO) as at Mar 26, 2020

Thursday's trading range has been $6.94 (6.29%), that's slightly below the last trading month's daily average range of $7.79. Things look different on the weekly timeframe, where the market's trading range of the last week has been above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for TTWO. Prices continued to consolidate within a tight trading range between 108.00 and 117.49 where it has been caught now for the last three trading days.

One bullish candlestick pattern matches today's price action, the White Candle.

The market managed to close back above the 20-day moving average at 112.32. When this moving average was crossed above the last time on Tuesday, TTWO actually lost -2.23% on the following trading day. Prices are trading close to the key technical resistance level at 118.93 (R1). The share found buyers again today around 108.65 for the third trading day in a row after having found demand at 108.00 in the prior session and at 108.39 two days ago.

Though the stock is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.

Buying could speed up should prices move above the nearby swing high at 117.49 where further buy stops might get activated.

Among the 11 market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Low close to previous two Lows" stand out. Its common bullish interpretation has been confirmed for Take-Two Interactive. Out of 129 times, TTWO closed higher 58.91% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 73.64% with an average market move of 2.92%.


Market Conditions for TTWO as at Mar 26, 2020

Loading Market Conditions for TTWO (Take-Two Interactive Software Inc.)...
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